Decentralized finance (DeFi) altcoin Velodrome Finance (VELO) is showing a rapid rise following its new listing on the world’s largest cryptocurrency exchange in terms of trading volume.
This morning, Binance announced the addition of VELO to its cryptocurrency exchange.
“Binance announces that VELODROME will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, Binance Margin, Binance Auto Invest, and Binance Futures at the dates and times listed below. I’m happy to be there.”
According to the announcement, Binance’s Simple Earn will subscribe to the VELO flexible product starting today. Binance users will be able to purchase VELO on Monday, December 16th.
VELO has almost doubled in value in the last 24 hours. The DeFi token is up 90.3% at the time of writing and is currently trading at $0.292.
Velodrome is a trading and liquidity decentralized exchange (DEX) marketplace built on Optimism (OP), the leading Ethereum (ETH) layer 2 blockchain, and is compatible with the Ethereum Virtual Machine (EVM). According to CoinGecko, Velodrome is currently the top DEX by 24-hour trading volume.
Velodrome also created a popular fork on Base called Aerodrome Finance, in which Coinbase has invested heavily.
“Coinbase Ventures has historically done six-figure venture deals and, until recently, has rarely made investments greater than $1 million. And now we, along with all other market participants, have made our largest ever investment in liquid tokens (>$20 million) purchased on the open market. Think about why they are so optimistic and still buying more.”
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